Australian inflation meets expectations

JamesGlynn

SYDNEY--Australian consumer prices rose 0.5% in the second quarter from the first and were up 3.0% from a year earlier, the Australian Bureau of Statistics said Wednesday.

The numbers were precisely in line with economist estimates ahead of the data. The Reserve Bank of Australia targets an inflation rate of between 2% and 3% annually.

Core inflation, which strips out extraordinary events such as the price affects of extreme weather or new taxes, rose by an average of 0.7% on quarter and by 2.8% on year.

Medical and hospital-services charges contributed to the rise in consumer prices, as did some costs associated with purchasing a new dwelling and the price of tobacco. Offsets came from falls in travel, fuel and telecoms costs.

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